If you want to know how to buy Bonfire (BONFIRE), we have got you covered with all the details here.
Many small-scale investors find the transaction costs for Ethereum to be prohibitive. Depending on the demand for network space on Ethereum’s blockchain at any given time, investors may need to pay up to $50 just to complete a simple transaction.
To compete with Ethereum, Binance has developed a blockchain called Binance Smart Chain (BSC) that supports smart contracts. Investors can use Pancakeswap, the top decentralized exchange on BSC, to trade cryptocurrencies directly from their cryptocurrency wallet and avoid paying high network fees. However, there is a cost associated with these fees: security. Continue reading to find out more about Bonfire and the structure of the Binance Smart Chain ecosystem.
What Is Bonfire?
The core blockchain of Bonfire, a BEP-20 token, is the Binance Smart Chain. In addition to many other as-yet-unannounced features, the project’s long-term objectives include developing a decentralized social media platform for artists to sell non-fungible tokens (NFTs).
Investors are buying Bonfire stock solely on speculation as of this writing because the company has not yet proven that it has a minimally viable product. Similar tokenomics (token economics) are used by SafeMoon and NFTART.finance, as well as by this token.
By charging a 10% transaction fee, Bonfire encourages investors to keep their Bonfire tokens. 5% of this fee is distributed amongst Bonfire token holders receive 5% of the total, with the remaining 5% going into the Pancakeswap liquidity pool. The economics behind token systems are very similar to those of pyramid schemes, enticing though they may sound.
Since Ethereum has much higher transaction fees, there is a significant increase in spam on the Binance Smart Chain. Remember the days when sending calls and texts over the phone network was expensive. Communication methods were entirely different, and phishing spam calls were much less frequent. Similar to this, people spam a lot of pump and dump coins on the market using the inexpensive (and centralized) Binance Smart Chain. You might want to stick with Bitcoin if you’re new to cryptocurrencies.
Brief History Of Bonfire
With only three days since its launch on Binance Smart Chain, the Bonfire token has a short history. Thirty percent of the 1,000,000,000,000,000 (1 quadrillion) token maximum supply have been burned. However, when compared to the maximum supply of 21 million for Bitcoin and the current supply of 115 million for Ethereum, 700,000,000,000,000 is a huge number of tokens.
Around $0.00000023 was paid for Bonfire’s first trade on Pancakeswap. The token has since increased to $0.0000007 in just three days. Since its launch, Bonfire has increased by more than 300%, yielding an average daily return of over 100%.
How To Buy Bonfire On Binance
Step 1: Open A Binance Account
The Binance Smart Chain tokens are still not supported by any centralized exchanges, including Coinbase, eToro, and Kraken. A minimum viable product hasn’t yet been developed by the majority of the teams behind the majority of these cryptocurrencies, which are the majority very new.
You must have BNB tokens in order to use Pancakeswap. You can purchase these tokens on Binance, so to get started, create an account there. It might take some time before your application for trading on Binance.us is approved. Use of Binance.com is an additional choice, but Binance will prevent you from creating an account if your IP address indicates that you are located in the United States.
Get Metamask As The Second Step.
A cryptocurrency wallet that can connect to Pancakeswap is where you should send your BNB tokens once you’ve obtained them. Because they have a secure platform that enables token trading on Pancakeswap, MetaMask and Trust Wallet are the best options available.
Best Software Wallet: MetaMask
The wallet’s default setting for the Ethereum network will be used when you download MetaMask. You’ll see this appear on the top of your wallet, where it says “Ethereum Mainnet”. To connect to Binance Smart Chain, you’ll need to click “Ethereum Mainnet” and choose “Custom RPC”. You must then enter the following data for Binance Smart Chain when MetaMask prompts you for information to connect to a new network.
- Network name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed1.binance.org:443
- ChainID: 56
- Symbol: BNB
- Block Explorer: https://explorer.binance.org/smart
You’re prepared to send your BNB tokens to your MetaMask wallet once you’ve connected your wallet to Binance Smart Chain. Just transfer your BNB to the address listed in your wallet. Once your tokens are in your MetaMask, you can use Pancakeswap’s “bridge” feature to convert your tokens to work on the Binance Smart Chain.
Purchase A Hardware Wallet In Step 3 (optional).
Best Hardware Wallet for Bonfire: SafePal S1
Over 10,000 different cryptocurrencies, including Binance Smart Chain tokens, can be supported by the SafePal S1 hardware wallet! You might never need another hardware wallet after the SafePal S1.
Step 4: Make Your Purchase
You’ve successfully completed all the challenging steps necessary to become an early Bonfire investor. It’s much simpler to use Pancakeswap than it is to set up a cryptocurrency wallet; all you have to do is connect your MetaMask wallet to Pancakeswap.finance when prompted when you visit the website.
Once you’ve made your decision, you can use your BNB tokens to buy Bonfire. Your MetaMask cryptocurrency wallet will receive your Bonfire tokens soon after you approve the transaction using your MetaMask wallet.
How To Buy Bonfire On Coinbase
Numerous factors, including location and protocol, are taken into account when buying cryptocurrencies. Some cryptocurrencies are more challenging to acquire than others. Among them is bonfire. Currently, the extensive ecosystem of Coinbase does not support Bonfire. You can still purchase Bonfire in some ways. To stay informed about Bonfire and receive alerts when it becomes available on the Coinbase app, sign up with Coinbase.
1. Check Coinmarketcap To See Where You Can Buy Bonfire And With Which Currencies
The buying options (also referred to as market pairs) for each cryptocurrency are listed by CoinMarketCap. Do a Bonfire search on CoinMarketCap. Tap on the button labeled “Market” near the price chart. You can see a complete list of locations where you can buy Bonfire as well as the currencies you can use to do so in this view. Under “Pairs” you’ll see the shorthand for Bonfire, BONFIRE, plus an additional coinage. You can buy Bonfire by using the second currency. If you want to buy BONFIRE using American currency, Look for BONFIRE/USD in the currency list.
2. Pick A Platform To Make Your Purchase
Security, dependability, and liquidity levels vary between platforms. Do your research before setting up an account.
3. Make The Purchase On Your Chosen Platform
Every platform operates in a unique way. Others are not as user-friendly as others, depending on the platform.
A fiat currency like the U.S. dollar should generally be used to buy cryptocurrency. It will be simpler to pay with dollars than with another cryptocurrency.
If you must buy Bonfire with another cryptocurrency, you must first create a wallet that supports Bonfire, then you must buy the first currency and use it to buy Bonfire on the platform of your choice.
Most platforms offer guides if you run into trouble. But if they don’t, there is a thriving community of cryptocurrency enthusiasts who have probably published guides on YouTube, Twitter, and other websites.
When To Buy Bonfire Token
You might be interested in purchasing this money and wonder when is the best time to purchase a Bonfire token. A single Bonfire token costs $0.000000009939 as of this writing. Compared to the record-breaking price of $0.00000094 it reached in May 2021, this is a much more affordable amount. Even the most knowledgeable experts and traders cannot predict when the ideal time to purchase an X coin is due to the volatility of the cryptocurrency market. However, if we apply the “buy the dip” philosophy, now would be a good time to invest in If you think it will undoubtedly succeed, set it ablaze.
